Goode Intelligence makes the business case for biometric authentication

Deploying biometric authentication increases an organization’s Net Promoter Score (NPS), lowers customer acquisition costs, and improve the cost-efficiency of operations enough to save a bank with 5 million customers an estimated $6.25 million annually, according to a new report from Goode Intelligence.

The Business Case for Biometric Authentication qualitatively and quantitatively describes a range of benefits business available to businesses, including security and compliance benefits, and the potential to save multiple millions of dollars annually by replacing numerous authentication systems with a single, consistent customer experience across all channels.

More than three-quarters of respondents say they have improved their compliance by deploying biometrics, particularly with Open Banking/PSD2 Strong Customer Authentication, and 45 percent express “very high” agreement with a statement that deploying biometrics has resulted in a higher NPS.

“The benefit of biometric authentication is that it can balance both security and convenience without requiring a compromise of either. A multi-factor platform using biometrics can identify or authenticate across all business units, customers and channels in a consistent way, supporting an omni-channel strategy. There are significant benefits compared to legacy approaches,” comments report author and Goode Intelligence CEO Alan Goode. “Dealing with these issues within large financial service providers is now a C-Suite problem. Evidence shows that the business case, cost saving and ROI of deploying biometric authentication exists across multiple business units.”